Greek Banks "Tracking banking industry data" Potgieter

Research evidence excerpt

Greek Banks "Tracking banking industry data" Potgieter

Global Research

7 July 2026ab

Greek Banks Equities

Europe Ex. UKTracking banking industry data

Banks, Ex-S&L

Stephan Potgieter, CFA

Introducing analysis of credit outside the banking industry Analyst

We analyse industry data from the Bank of Greece for May 2026, while our European stephan.potgieter@ubs.com

NII tracker provides further context. In this edition we introduce new charts analysing +44-20-7568 8162

credit serviced by Credit Servicing Firms (CSFs), the loans securitised outside of the

banking industry, amounting to a sizeable €79.6bn versus total banking industry private

sector credit of €130.9bn.

A more comprehensive view of private sector credit including legacy loans

Credit outside the banking industry serviced by CSFs still contributes substantially to

overall private sector credit in Greece (~38% of total loans). These loans have been

securitised since the sovereign debt crisis and appear to have peaked at ~€79.6bn with

some final NPE sales coming through last year (Figure 6). These loans are largely non-

performing (~86% NPLs) while the banks only have senior note exposure, government

guaranteed (~€16.6bn). The CSF portfolios comprise 35% corporate loans,

32% mortgages, 20% consumer credit and 13% sole proprietor credit. It is interesting

to note that the mortgage book on the banks' balance sheets is roughly the same size as

mortgages in the CSF portfolios (Figure 7). The CSF portfolio should start to run down,

with a portion likely to come back to the banking industry over time. Buying back these

loans could boost loan growth for the banks. This more comprehensive view of private

sector credit highlights that the deleveraging has been somewhat less pronounced

(Figure 8).